ELI5 Cryptocurrency, cryptography, software development and information security. Our latest featured cryptocurrency knowledge base articles including basic concepts, software development, technical articles, easy to follow ELI5 introductions to technical concepts and much more!
ELI5: What is Tornado Cash?
Tornado Cash is a decentralized cryptocurrency tumbler. It is implemented as an Ethereum smart contract and can be used to mix cryptocurrency UTXO's, unlinking the on-chain relati...
Understand the Double Spending problem
As implied by the name, a double spending problem happens when a transaction is processed twice while your account balance is only subtracted once.
This, of course, can only h...
ELI5 How to mine Litecoin
Litecoin has consistently been one of the most popular cryptocurrencies since its inception in 2011.
It was initially forked from the main Bitcoin source code by a developer ca...
avax-python Network Message Pipeline
Here's a short overview of the avax-python Avalanche message pipeline.
We've followed the reference Go implementation as closely as possible, but the Python code is still in ve...
Generate AVAX addresses and keys from a mnemonic phrase in Python
AVAX Staking tutorial – How to begin staking Avalanche
The AVAX public sale, which closed on July 15 2020 after just a few hours, was an astounding success. Investors looking for high yields flocked to the sale, buying all U$ 42 million worth of AVAX coins in just 4.5 hours. At our latest update, AVAX price was approximately U$ 13 – a 2600% yield […]
ELI5 Bitcoin Puzzle Transactions
As the name implies, Bitcoin puzzle transactions are created as a challenge and not for the usual purpose of monetary transfer. Puzzles can be published for several reasons, including software test bounties, marketing campaigns or just for fun. Early Puzzles In the early days of Bitcoin, when $BTC coins could be found for free on […]
Scrape AVAX network peers using avax-python
P2P networking is the single most important technical functionality in all cryptocurrency implementations. The decentralized nature of Bitcoin, AVAX, Ethereum and others requires peers to talk to each other 24×7 in order to find out about transactions, new blocks, vertices (for DAG-based cryptos like AVAX) and so on. Even if you had the world’s most […]
Double spending is a condition where the same value can be spent twice, revealing a flaw in the payment processing system.
Irreversible transactions are a characteristic of digital payment systems which offer trustless decentralization. The irreversibility is necessary in order to guarantee that no transaction will be undone once committed by the network.
A process or system by which multiple parties are able to reach consensus. In the context of cryptocurrencies, it's the process which allows for everyone to agree on everyone else's money balance. E.g. Bitcoin employs Nakamoto consensus via PoW mining.
Proof of Stake
Proof of Stake is a consensus mechanism in which block verifiers prove their commitment to the network by staking their coins instead of by proving they performed some work (contrast with Proof of Work).
Staking is the process by which users delegate their Proof of Stake voting rights to a staking pool. The pool then verifies transactions on the users' behalf and, similarly to mining pools, share some of the profits back with the stakers.
Litecoin is a first generation cryptocurrency which was originally forked from the Bitcoin source code. It substituted Bitcoin's SHA256 hashing algorithm for Scrypt as an attempt to make ASIC mining impossible.